Rowan is relocating two more rigs from the Gulf of Mexico to the Middle East, against term contracts with Saudi Aramco.
Offshore staff
HOUSTON -- Rowan is relocating two more rigs from the Gulf of Mexico to the Middle East, against term contracts with Saudi Aramco.
The two Tarzan-Class jackups will begin transit from the Gulf in January 2007. Both rigs are contracted for four-year drilling programs off Saudi Arabia, beginning late 1Q07.
Rowan estimates that revenues from the contracts will be in excess of $550 million.
"These contracts reaffirm our strategic plan to build high-specification jackups capable of ultra-deep drilling, while geographically diversifying our fleet, says Danny McNease, Rowan chairman & CEO.
"After moving these rigs to Saudi Arabia we will have 60% of our offshore fleet operating outside the US GoM."
